Equities in Canada’s largest market turned lower in early trade on Monday, with heavyweight energy stocks weighing as U.S. crude oil prices came off two-year highs.
The S&P/TSX Composite Index dipped 14.53 points to begin the week at 16,093.56
The Canadian dollar inched up 0.02 cents to 78.68 cents U.S.
Hudson's Bay Co said on Monday almost two-thirds of its shareholders supported a $500-million investment by Rhone Capital, which was being opposed by activist fund Land and Buildings LLC.
Bay shares declined 11 cents, or nearly 1%, to $11.20.
Sobeys Inc, owned by Empire Company Ltd., is cutting more than 800 jobs across Canada. Empire shares inched up three cents to $24.95.
TransCanada Corp said on Friday it has recovered 44,400 gallons, or 1,057 barrels, of oil from the Keystone pipeline spill site at Amherst, South Dakota. TransCanada shares retreated 27 cents to $63.21
National Bank initiated coverage on Atlantic Gold Corp. at outperform, with a $2.40 target price. Atlantic shares slipped seven cents, or 4.6%, to $1.47.
TD Securities resumed coverage on Chartwell Retirement with a buy rating. Chartwell units gained four cents to $15.39.
Raymond James raised the price target on Maverix Metals to $2.00 from $1.80. Maverix shares galloped eight cents, or 4.6%, to $1.83.
The TSX Venture Exchange gained 2.39 points to 796.40
Eight of the 12 TSX subgroups were positive in the first hour, however, as health-care sprinted 0.9%, while information technology and consumer discretionary issues each progressed 0.4%.
The four laggards were led by energy, down 1.2%, materials off 0.3%, and industrials trailing Friday’s close by 0.2%.
Retail stocks kicked off the week on the right foot, trading higher on Monday as investors bet on strong sales during the holiday season. The rise in retail stocks helped lift the S&P 500, Dow Jones industrial average and NASDAQ composite indexes to all-time highs.
The Dow hiked 67.06 points to start Monday at 23,625.05
The S&P 500 picked up 2.84 points to 2,605.26
The NASDAQ Composite climbed 7.68 points on top of Friday’s all-time high, to 6,896.85
E-commerce giant Amazon got a positive nod from investors following Black Friday, as its stock climbed nearly 2% to a record high.
Investors also cheered some traditional brick-and-mortar retailers. Shares of Best Buy rose more than 1%. Shares of Macy's, Kohl's and J.C. Penney traded higher earlier in the session before giving up their gains.
However, gains in the major indexes were capped as investors looked ahead to a key vote on tax reform set for later this week.
The Senate is expected to vote on a bill aimed at reforming the U.S. tax code on Thursday. Investors have been eagerly awaiting tax reform since last year's election, but doubts about whether the Republican-led Congress would be able to achieve this before year-end have lingered.
Prices for the benchmark 10-year Treasury note backtracked, raising yields to 2.35% from Friday’s 2.34%. Treasury prices and yields move in opposite directions.
Oil prices improved 93 cents a barrel to $58.97 U.S.
Gold prices fell $4.20 to $1,288 U.S. an ounce.